Lingerfelt buys Bank of America Plaza Tower in downtown Nashville for $41.7 million

The Lingerfelt Cos. in Richmond announced Thursday the acquisition of the Bank of America Plaza Tower in downtown Nashville, Tenn.

Located at 414 Union St., the 435,525-square-foot building has 21 stories and occupies a half city block in the Central Business District.

The seller was Parkway Properties. This is Lingerfelt's second acquisition from Parkway in the last two years.

According to a news release from Lingerfelt, the Class A office has been owned and maintained by Parkway Properties since 2003. Its major tenants include Bank of America and Louisiana Pacific Corp., who occupy more than 50 percent of the tower. By the end of the year, the property will be about 70 percent occupied.

The purchase bumps Lingerfelt's total Tennessee portfolio to 919,672 square feet. The portfolio includes several Class A suburban office buildings in the Nashville Airport North submarket.

"We are excited about doubling our portfolio in the Nashville office market through such an iconic downtown asset,” Brian Witthoefft, a principal at Lingerfelt, said in a statement. “Bank of America Plaza will allow us to uniquely market up to 100,000 square feet of contiguous, available space to companies looking for headquarters, regional expansions or relocations into the downtown Nashville market."

Plans for the building include capital improvements to enhance the lobby and common areas and maintenance upgrades to maintain the asset as a Class A office tower. The property will be managed by Commonwealth Commercial Partners. CBRE has been retained to handle the leasing and marketing of the property.